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Results as of 1st half-year 2015

Posten Norge

Agenda 1st half-year 2015

PART 1:

Highlights and developments by CEO Dag Mejdell

PART 2:

Results and Segment Review

by CFO Tone Wille

PART 3:

Q&A

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Agenda 1st half-year 2015

PART 1:

Highlights and developments by CEO Dag Mejdell

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Highlights – Important events 1st half-year 2015

The growth in e-commerce continues. In the first half-year 2015, the Group's total e-commerce volume increased by 6%.

The new Postal Services Act has been granted by the government. It is expected that the law will contribute to Norway Post’s ability to adjust according to changes in the needs of customers.

Digipost passed 520 000 users in the first half-year 2015.

Absence due to sickness was 6.1 % the last twelve months, a decrease of 0.4 % - percentage points from 2014.

Delivery quality for A-mail in second quarter 2015: 85.8 % (0.8 percentage points above the licence requirement).

17 March, the Group sold its investment in EVRY ASA. The sale resulted in a payment of BNOK 1.7 and a gain of MNOK 219.

Posten Norge has decided to undertake Norways larges purchase of electric cars. During a period of one year approximately 300 new electric cars will be used in postal distribution across the nation.

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Financial highlights 1st half-year 2015

Operating revenues:

MNOK 12 407, up 3 % from 2014

Earnings before interest and taxes*:

MNOK 314, up 0.6 % from 2014

Return on invested capital (last 12 months)*:

13.8 %, down 4.1 percentage points from 2014

Return on equity after tax (last 12 months):

12 %, up 1.1 percentage points from 2014

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* Before non-recurring items and write-downs

Operating income (MNOK)

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22 613 22 451 22 981 22 925

23 557

12 043 12 407

0

5.000

10.000

15.000

20.000

25.000

2 009 2 010 2 011 2 012 2 013 2 014 2 015

24 404

3.0 %

H1 2014 H1 2015

Earnings (EBIT) before non-recurring items and write-downs (MNOK)

7

772

942

1 051

1 116 1 125

312 314

0

500

1.000

2009 2010 2011 2012 2013 2014 2015

933

0.6 %

Operating income from foreign companies

8

Operating income from foreign

companies accounted for 34.1% of the

Group's operating income, up 1.4

percentage points from last year.

3 942 4 233 1 658

3 967

4 886

5 871 5 855 5 959

6 443 6 434

7 190

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

8 122

7.4 %

Results

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* Includes gain from sale of EVRY ASA

Q2 2015 Q2 2014 MNOK YTD 2015 YTD 2014 Year 2014

6 120 5 971 Operating revenues 12 407 12 043 24 404

281 317 EBITDA 718 702 1 723

82 121 EBIT before non-recurring items and write-downs 314 312 933

2 145 Write-downs 2 145 282

87 -8 Non-recurring expenses/(income) 84 -11 -66

-6 -15 EBIT before share of profit from associates 227 178 718

-4 19 Share of profit from associates* 244 46 126

-11 4 EBIT 472 224 844

-23 -16 Net financial items -49 -45 -123

-34 -13 Earnings before tax 422 180 720

-3 36 Taxes 55 87 271

-31 -49 Profit after tax 368 93 449

The new Postal Services Act was granted by the Goverment 9. June – Expected effective date during 2016

Some main items in the new act:

Full competition on mail services in Norway by adopting EU’s 3. postal

directive.

The duty of Posten to distribute mail on Saturdays is removed (from 6

to 5 days) – exceptions for newspapers in some rural areas.

Geographicly postage fees for single postal items below 50 grams.

The postal codes system is transferred to govermental management

as a public resource.

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Posten Norge with a record purchase of new electric cars

Norwegian post undertakes Norways

largest single purchases of electric

cars.

During a one year period about 300

new electric cars will start operating

in the postal distribution across the

country.

This is a part of the groups

extensive focus on reducing the

groups CO2 emission.

After the purchase the Group

operates more than 1 000 vehicles

that do not use fossil fuels

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Mailman Knut Håvard Solberg is showing the new electric car to the minister of communications Ketil Solvik-Olsen and the CEO of the Postal Group, Dag Mejdell.

Oslo

Fredrikstad

Hamar

Drammen

Stokke

Kristiansand

Stavanger

Bergen

Ålesund Molde

Trondheim

Tromsø

Sogn og Fjordane

Haugesund

Alta

Narvik

Fauske

Mo i Rana

Major investments towards 2018.

18 new, joint terminals based on the

needs of the logistic operations.

Posten Norge is investing BNOK 4 in new

joint terminals in Norway towards 2018.

Will increase productivity and reduce our

enviromental footprint.

In June Posten Norge decided to build a

new joint terminal in Tromsø.

In June Posten Norge opened a new Bring-

terminal in Zwijndrecht, Nederland.

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Co-located terminals until 2014

Co-located terminals in 2015 and until 2018

Under assesment

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Agenda 1st half-year 2015

PART 2:

Results and Segment Review by CFO Tone Wille

Posten Norge’s Segment Structure

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Group

Mail Logistics

Segment distribution of external revenues

15

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

H1 2013 H1 2014 H1 2015

Mail Logistics

59 % 61 % 62 %

41 % 39 % 38 %

Segment Mail

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Letter Products

Banking services

Dialogue services

mail logistics

Key figures

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mail logistics

Operating revenues first half-year 2015 was MNOK 5 078,

somewhat below last year

Volume decrease addressed mail 6.4 %

Volume decrease unaddressed mail 6.5 %

Volume decrease in Bring CityMail Sweden 1.5 %

Earnings before write-downs and non-recurring items was MNOK

435 in the first half-year 2015, the same level as the first half-

year 2014.

Postive effects of cost reducing measures compensate for

the decrease in volume

421

613

493

572

441

701

441 406 435

100

200

300

400

500

600

700

H1

2011

H2

2011

H1

2012

H2

2012

H1

2013

H2

2013

H1

2014

H2

2014

H1

2015

EBITE

Growth (%)

1.1 -2.1 -0.7 -0.1 2.4 -3.3 -2.3 1.3

EBITE-margin (%) 8.0 11.5 9.4 11.0 8.5 13.2 8.6 8.1 8.6

5 274

5 333

5 222

5 187

5 180

5 305

5 130

5 014

5 078

4 900

5 000

5 100

5 200

5 300

5 400

5 500

H1

2011

H2

2011

H1

2012

H2

2012

H1

2013

H2

2013

H1

2014

H2

2014

H1

2015

Driftsinntekter

Segment Logistics

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Parcels

Express

Cargo

Frigo

Warehousing

Supply Services

mail logistics

Key figures

Operating revenues first half-year 2015 was MNOK 8 190, a growth of

MNOK 429 from the same period in 2014

Growth in revenues from the business segment International and

the Swedish operations

Increases in private e-commerce , particular the transnational

Significant lower activity attached to the oil industry

Earnings before write-downs and non-recurring items in the first half-

year 2015 was MNOK 27, a decrease compared to same period in 2014

The decrease in results follows the decrease in the oil industy

Still challenging market conditions attached to the logistics

operations in Sweden and Denmark, particulary within the field of

freight

mail logistics

6 973

7 275

7 035

7 282

7 248

7 711

7 761

8 180 8 190

6 500

6 700

6 900

7 100

7 300

7 500

7 700

7 900

8 100

8 300

8 500

H1

2011

H2

2011

H1

2012

H2

2012

H1

2013

H2

2013

H1

2014

H2

2014

H1

2015

Driftsinntekter

61

254

108

327

-31

265

74

333

27 -50

50

150

250

350

H1

2011

H2

2011

H1

2012

H2

2012

H1

2013

H2

2013

H1

2014

H2

2014

H1

2015

EBITE

EBITE-margin (%) 0.9 3.5 1.5 4.5 -0.4 3.4 1.0 4.1 0.3

Growth(%)

4.3 -3.3 3.5 -0.5 6.4 0.6 5.4 0.1

Summary

The proposed new Postal Services Act were granted by the

government

The Group is continuing focus within the Logistic segment. The

establishment of the new logistic structure in Norway is according

to plan. Posten Norge has in the first half-year decided to

coordinate the groups post an logistic operations in Tromsø in a

new joint terminal in Tromsø

Reduced activity in the oil industry influences the development in

the logistics market

Posten Norge is with it’s digital mailbox, Digipost, well positioned

to win the competition of digital mailusers in the future. A steady

increase of public and private users are connecting to Digipost.

The govermental goal is that all public communication shall be

digital by first quarter 2016.

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